How will the reforms announced by the Government help first time buyers?
A clear guide for first time buyers on how the Government’s reforms could make buying a home faster, cheaper and less stressful.
Buying your first home should be exciting. But for too many first time buyers it can feel scary, confusing and risky. Even if there is no chain, it can still take months, with no certainty that the purchase will happen until you exchange.
You might find a property you love, make an offer, pay for searches, start the mortgage process and then discover a problem weeks later that means you have to pull out. It could be a short lease, high service charges, flooding, missing paperwork, a title problem, or a seller who is not really ready to move.
The Government’s new plans aim to make homebuying and selling faster, more transparent and more certain. The main idea is simple: first time buyers should see essential information about the property and its costs before they fall in love with it and spend money buying it.
This means sellers should carry more of the responsibility to provide information about a property, along with the agent, before they market their home.
The Government says the reforms could cut buying times by around four weeks and save first time buyers an average of £650.
Why first time buyers need better information upfront
First time buyers are often at a disadvantage because you “don’t know what you don’t know”.
Few buyers ask the key questions they should before even viewing a property, such as understanding the difference between freehold and leasehold, the costs of owning and running the property and issues that could mean you can’t secure a mortgage. Understanding and explaining to an agent how you intend to live and use the property are critical as there could be rules which don’t enable you to do what you want to do, such as not being able to run a business from home, keep pets, make alterations, or park a tradesperson’s van.
How will reforms help you now?
One of the first changes is to make sales packs available before marketing a property. These include if its leasehold or freehold, Council Tax band, EPC rating, title documents, leasehold or estate charges, building safety information, searches and a condition assessment.
Agents should already be providing much of this information and when you view properties online, there are fields where agents can add these details. At the moment, many still say “ask agent”, but good agents will complete as much as they have available and the best ones will fill them all in.
How upfront information helps first time buyers
1. You can decide whether to view
More information upfront should help avoid wasting time on homes that don’t meet your living needs or aren’t affordable.
You may decide not to view if the service charge is too high, the parking is not right, the leasehold terms do not suit you, there are restrictions on use, the property has flooded, there is no step-free access and you need it, or the seller is in a long chain.
2. Sellers should be more upfront
Sellers and agents have to provide more information upfront now, but the new reforms will reinforce this. Sellers should declare issues such as subsidence, flooding and restrictions and may face legal action, along with the agent if they fail to disclose or hide defects.
3. You may save money and reduce the chance of a fall-through
The Government says around one in three sales fall through after an offer is accepted, and its reforms could save first time buyers an average of £650. The reforms aim to reduce fall-throughs by giving buyers more information before a viewing and later, by introducing binding conditional contracts. These should make both sides more committed earlier, while still allowing withdrawal for legitimate reasons.
4. You are more likely to get the right mortgage
Securing a mortgage is about you, your income and deposit, but also about the property. Lenders need to know lots of things such as its condition, leasehold terms, building safety and other risks. A broker can help secure the right lender if they know about issues from the start.
What you can do to help is speak to a qualified mortgage broker or adviser before you even look for a home!
Why property logbooks will be especially helpful to you
A digital property logbook is a secure online record of information about a property. This will help you keep all the information about the property when you buy, so it is ready to share with an agent when you come to sell it for the first time.
Timeline: when will the changes happen?
The changes will not happen all at once, as some parts of the process need to be in place and working properly before the next stage can be introduced.
Now: 2026
The Government plans to improve property listings, identify what sales pack information can be provided voluntarily now, publish a Code of Practice for agents, work on binding contracts and improve access to key property data.
Next: 2027 to 2028
Publish a Charter for property professionals, consult on mandatory agent qualifications, support wider use of digital ID, electronic signatures, digital logbooks and digital packs, and work on penalty fees for binding contracts.
Future: by the end of Parliament
When parliamentary time allows, legislation will be required for sales packs before listing, binding conditional contracts and make digital logbooks standard.
Quick wins first time buyers can use now
Even though the legal changes are not immediate, you can still make your purchase easier by asking the right questions early.
Before you view, check:
- Have you spoken to a qualified mortgage broker or adviser who understands your individual circumstances?
- Do you know how much you can borrow and what money you need by when?
- Do you understand the extra costs of buying, including any Stamp Duty Land Tax?
- Is the property freehold or leasehold?
- Are there service charges, ground rent or estate charges?
- What is the Council Tax cost?
- Is there suitable parking and, if relevant, a garden?
- Has the property flooded, or is it likely to flood?
- Are there restrictions on use or alteration?
- Is the property listed, in a conservation area, or affected by rights of way?
Tell the agent, ideally in writing, if there are things you need from the property, such as fast broadband, parking, accessibility, permission to work from home, or whether pets are allowed.
Before making an offer, check:
- Have you chosen a conveyancing lawyer?
- Are they experienced in the type of property you want to buy?
- If you use the conveyancer recommended by the agent, how much will the agent be paid in commission?
- Has your mortgage broker or adviser seen the property facts and costs?
- Have you declared whether you have a gifted deposit?
- Do you rely on funds that have transfer limits or timescales?
- Has the agent carried out ID and anti-money laundering checks on you and the seller?
- Do you need a survey or specialist checks before exchanging?
Also, check bank transfer limits before completion, as it may take one or more weeks to transfer the money you need, especially if it is in an ISA. Check too whether the seller will be ready to move out by 1pm on completion day – especially if they are doing the removals themselves. They will typically need to be packed up the night before, not on moving day.
These reforms will not make every home purchase perfect. Buying a home will still involve big decisions, careful checks and professional advice and sometimes, life just gets in the way and changes happen that no-one could have foreseen.
Kate Faulkner, Chair of the Home Buying and Selling Council (homebuyingsellingcouncil.co.uk) which has worked on changes to buying and selling, says, “More information upfront means fewer surprises. Better-prepared sellers mean fewer delays. Sales Packs and Digital logbooks mean property paperwork can be stored in one place. And, once sales packs are embedded along with binding conditional contracts, this should reduce fall-throughs and make it harder for buyers and sellers to walk away without good reason.”
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
